The Manufacturers Association of Nigeria (MAN) has said government officials who make policies that ruin businesses must be punished.

Speaking Tuesday during a event themed ‘Nigeria’s Challenging Economy: Strategies For Recovery,’ the Director-General of MAN, Segun Ajayi-Kadir, emphasised the need for consequences when policies lead to economic setbacks for industries.

The DG said the challenges caused by the ongoing rise in interest rates should be alleviated.

According to him, borrowing at rates of 30-35 percent makes it nearly impossible for businesses to survive, particularly in an economy where consumer purchasing power has drastically declined.

Ajayi-Kadir said: “There must be consequences for government officials who make policies that ruin businesses.

“I mean, you make a policy today, it becomes a disaster for industry and the government simply changes it, and you walk away. We don’t have this luxury in the private sector.

“If you make a mistake, your business is gone, and you could distrain your property. So I think we need to see that movement also on the part of the government.

“We should be able to assuage the challenges we are having with continuously raising interest rates. You’ve done it for more than 18 months plus, and you’ve not done any impact assessment on the productive sector. I think you need to be able to insulate that sector so that you can inflate the economy,” he said.

It was reported that the forum was organised by Channels Televisionto commemorate Nigeria’s 64th Independence anniversary. (Daily Trust)